India's first Premium Debit Card that rewards JPMiles on all purchases.

July 1, 2013

Jet Airways, India’s premier international airline, has enhanced its partnership with HDFC Bank, the country’s second largest private sector bank, by launching India’s first Premium Debit card, the ‘JetPrivilege-HDFC Bank World Debit Card’.

The feature-rich debit card will allow users to earn JPMiles on all daily purchases in stores or online, in addition to purchases on Jet Airways. These JPMiles can be redeemed for free flights to over 600 destinations.

The JetPrivilege HDFC World Debit Card offers card members 3000 JPMiles on enrollment during the first year, in addition, the card members can earn 2000 JPMiles on renewal.

As Debit Card usage gains popularity, earning JPMiles now becomes possible to millions of HDFC Bank account holders across its extensive network in India. Thus to earn JPMiles, the bank's customers can now apply for the new JetPrivilege HDFC Bank World Debit Card in a hassle-free and convenient manner.

Mr. Sudheer Raghavan, Chief Commercial Officer, Jet Airways, said, “We are extremely proud to launch this unique, first-of-its-kind co-brand Debit Card in partnership with HDFC Bank. The launch of JetPrivilege HDFC Bank World Debit Card is a milestone achievement for us as it marks the entry of JetPrivilege into the expanding Debit Card segment. As card usage increases in Tier II and Tier III cities, the launch of this co-brand Debit Card will allow Jet Airways to connect millions of customers across India by rewarding their spends with JPMiles, which can be redeemed for free flights.”

Mr. Parag Rao, Business Head - Card Payment Products and Merchant Acquiring Services, HDFC Bank, said, "Post our successful launch of the JetPrivilege HDFC Bank Cobrand Credit Card programme, we are delighted to launch India's First Premium Cobranded Debit Card from HDFC Bank and Jet Airways. Now our pan India customer base has the unique opportunity of accumulating JPMiles on their Debit Card purchases as well. The card has been tailored keeping in mind our customers’ underlying need for a complete travel solution that will allow them to pool their JPMiles into one JetPrivilege account. We are confident that our co-branded Debit Card will be a valuable addition to our growing portfolio of products that make air travel a truly rewarding experience."

EXTRA JPMiles programme which will enable card members to earn accelerated JPMiles over and above the JPMiles earned through their spends on the card, at over 2500 merchant locations across 230 cities in India.

About HDFC BANK

Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 28.5 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.

The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 19 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.

As of March 31, 2013, the Bank had a distribution network with 3,062 branches and 10,743 ATMs in 1,845 cities.

For the quarter ended March 31, 2013, the Bank’s total income was INR 111.27 billion (`11,127.5) as against INR 91.89 billion (`9,189.9 crore) for the quarter ended March 31, 2012. Net revenues (net interest income plus other income) were INR 60.989 billion (`6,098.9 crore) for the quarter ended March 31, 2013, as against INR 51.90 billion (`5,190.2 crore) for the corresponding quarter of the previous year. Net Profit for the quarter ended March 31, 2013, was INR 18.89 billion (`1,889.8 crore), up by 30.1% over the corresponding quarter ended March 31, 2012.

The Bank’s total balance sheet size increased by 18.5% to INR 4,003.32 billion (`400,332 crore) as of March 31, 2013. Total deposits were INR 2,962.47 billion (`296,247 crore) as of March 31, 2013.

Total income for the year ended March 31, 2013, was INR 419.175 billion (`41,917.5 crore).

Leading Indian and international publications have recognised the bank for its performance and quality.

About Jet Airways

Jet Airways currently operates a fleet of 111 aircraft, which include 10 Boeing 777-300 ER aircraft, 10 Airbus A330-200 aircraft, 4 Airbus A330-300 aircraft, 70 next generation Boeing 737-700/800/900 aircraft and 16 ATR 72-500 and 1 ATR72-600. With an average fleet age of 5.35 years, the airline has one of the youngest fleet of aircraft in the world. Flights to 72 destinations span the length and breadth of India and beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels, Colombo, Dammam, Dhaka, Doha, Dubai, Hong Kong, Jeddah, Kathmandu, Kuwait, London (Heathrow), Muscat, New York (Newark), Riyadh, Sharjah, Singapore and Toronto.